ETrades1

SNGX Wedge + SMA Convergence

Long
NASDAQ:SNGX   Soligenix, Inc
Price finding support above July '19 high. Strong momentum setup: OBV has set a new high, RSI showing bullish divergence while MACD has begun to accelerate. Very bullish MA convergence with 5 and 20 pushing through the 50 with upside trajectory. Notice prior move higher in late 2019 occurred subsequently to 200 MA support. Ideally I am looking for a breakout of wedge , pullback and potentially waiting for a reclaiming of the 5 day MA to initiate a position, but I believe the indicators convey strong underlying momentum so I may just have to ride the wave on this one. $2.3 - $2.5 looks like a good area to consider taking some off the table.
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